Global Wind Power Market Scenario
The global wind power market is expected to exhibit a high CAGR over the forecast period from 2016 to 2027, Market Research Future (MRFR) reports in its latest research report. The global wind power market is analyzed in detail in the new report from MRFR, which takes a close look at the historical and current growth trends in the global wind power market to gain an accurate idea of the market’s likely growth prospects over the forecast period.
Wind power is power derived from the kinetic energy of the wind. Wind power has been one of the oldest sources of power used by mankind, with windmills and other such applications going back hundreds of years. In recent years, the wind power market has experienced a renaissance with the growing public awareness about the need for renewable energy and the growing government support for the renewable energy sector. Wind power is derived by means of turbines, which are attached to turbines, which produce the electricity. The global wind power market is likely to experience steady growth over the forecast period due to the growing awareness about the importance of renewable power.
There are a lot of growth drivers that work together to bring about success and development for the market. One of the major ones happens to be the support from the government, this factor can be termed as the chief growth factor for this industry. The government has laid strict rules and regulations in respect to utilization of renewable energy sources. Resultantly, the market gets benefitted. The rising demand for clean sources of energy further fosters the growth of the market.
Competitive Analysis:
Leading players in the global wind power market include Aban Loyd Chiles Offshore Ltd., Indowind Energy Limited, Orient Green Power Limited, GE Wind Energy Limited, Wind World India Limited, Enercon India Pvt. Ltd., Blue Sky Energy Inc., DNV GL, and WS Truepower LLC.
Segmentation:
The global wind power market is segmented on the basis of application, type, and region.
By application, the global wind power market is segmented into residential, commercial, and industrial. Industrial applications are likely to account for a major share in the global wind power market over the forecast period.
By type, the global wind power market is segmented into onshore and offshore. Onshore wind farms currently dominate the global wind power market, but the demand for offshore installations is likely to grow consistently over the forecast period.
Regional Analysis:
Though the global wind power market is likely to experience growth across the world over the next few years, North America is likely to hold on to a leading share in the global wind power market due to the earlier presence of advanced wind power facilities in the region and the consequent establishment of the relevant infrastructure. The growing demand for offshore wind power farms in North America could play a key role in the growth of the wind power market in North America over the forecast period.
Industry Updates:
In May 2019, Mars Inc. announced plans to source all its required power in Mexico from a wind power farm in Yucatan. Such initiatives could prove to be a major turning point for the global wind power market, as corporate entities such as Mars Inc. have the capital to incorporate widespread use of wind power across their operations.
In May 2019, Siemens announced that it will shift its energy division to Siemens Gamesa Renewable Energy, a separately listed wind turbine supplier, which now becomes one of the largest players in the global energy market.
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